Microfluidic Devices Market is Expected to Achieve $6,471 Million Value by 2020: P&S Market Research

Microfluidic Devices Market is Expected to Achieve $6,471 Million Value by 2020: P&S Market Research

The market of microfluidic devices is gaining significant importance due to growing R&D investment in life sciences, pharmaceuticals, and increasing point of care testing demand. The global market for microfluidic devices is expected to grow at a CAGR of 23.0% during the period 2015 to 2020 to reach $6,471 million by 2020. The factors driving the growth of microfluidic devices market are increase in demand for point of care testing products, rise in the commercial and analytical applications of these devices and use of microfluidic products for miniaturization of chip.

Continuous innovations in microfluidic devices have led to transformation of drug discovery and development, gene expression analysis and genotyping in the pharmaceutical and biopharmaceutical industry. Microfluidic device companies are entering in collaborations and partnerships to build a more innovative approach, offering advanced tools for diagnostics and research. But, regulatory issues act as hindrance in the development of microfluidic devices market. Apart from regulatory challenges, the market also confronts issues from surface chemistry and geometrical problem during manufacturing process.

On the basis of application, point of care testing (POCT) is by far the fastest growing application area of microfluidic devices. The application of microfluidic devices in POCT is expected to witness a CAGR of 28.2% during the period 2015 to 2020 and to reach $1.8 billion in 2020. An increase in point of care testing, as an effective method for delivery of treatment, has also led to increase in demand for the microfluidic devices in the global market. Diagnostic companies are getting access to microfluidic based technologies through acquisitions, as it reduces the technology development risk, and thereby increases the reactivity.

In terms of material, the polymer had the largest share in the global microfluidic devices market, and it is expected to grow at the highest CAGR among all the materials during the forecast period. Polymer is an attractive alternative to glass and silicon, as it has faster fabrication process and is comparatively cheaper. Polymer has also become the most preferred substrate for POCT applications, and has several advantages like oxygen permeability, gas permeability, nontoxic and optical transparency.

At present North America dominates the global microfluidic devices market, driven by factors such as growing geriatric population, increasing health and wellness awareness, rising occurrence of chronic and lifestyle ailments, informed insurance options and various technological developments suited for varied applications. Asia-Pacific is expected to emerge as an attractive market for companies manufacturing medical devices. In Europe, the microfluidic devices market is driven by increased diagnostic requirements, attributed to rising diseases and lifestyle changes, aging population and improving healthcare facilities. The European microfluidic devices market is expected to report the highest CAGR during 2015 to 2020 among all the regions; whereas, North America will remain the largest market in 2020.

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